Commercial Vehicles - BRICS

BRICS

The projected unit sales in the Commercial Vehicles market for the country in BRICS are set to reach 5.51m vehicles by 2024.
It is expected that these unit sales will exhibit an annual growth rate (CAGR 2024-2029) of -1.50%, resulting in a projected market volume of 5.11m vehicles by 2029.
This growth indicates the potential expansion of the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market in the country in BRICS is anticipated to reach 5.26m vehicles by 2029, highlighting the significant growth potential of this market.
From an international perspective, it is noteworthy that the in the United States is projected to lead in terms of sales, with an estimated figure of 11,630.00k vehicles in 2024.
This signifies the dominance of the US market within the Commercial Vehicles market industry.
In Brazil, the commercial vehicles market is experiencing a shift towards electric and hybrid vehicles to reduce carbon emissions and increase efficiency.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Commercial Vehicles market in BRICS is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the BRICS countries play a crucial role in shaping the Commercial Vehicles market.

Consumers in these countries are increasingly demanding vehicles that offer durability, reliability, and fuel efficiency. They are also looking for vehicles that are versatile and can be used for multiple purposes, such as transportation of goods and passengers. Additionally, customers are placing a greater emphasis on safety features and technological advancements in Commercial Vehicles.

Trends in the market are also contributing to the growth of the Commercial Vehicles market in BRICS. One notable trend is the increasing demand for electric and hybrid Commercial Vehicles. As countries in the BRICS bloc strive to reduce their carbon emissions and combat climate change, there is a growing shift towards electric and hybrid vehicles.

This trend is driven by government initiatives and incentives, as well as the increasing availability of charging infrastructure. Another trend in the market is the rise of e-commerce and last-mile delivery services. With the rapid growth of online shopping, there is a greater need for efficient and reliable delivery services.

This has led to an increased demand for Commercial Vehicles that are suitable for last-mile delivery, such as vans and small trucks. Additionally, the COVID-19 pandemic has accelerated the growth of e-commerce, further driving the demand for Commercial Vehicles in this sector. Local special circumstances also play a role in the development of the Commercial Vehicles market in BRICS.

For example, in Brazil, the government has implemented policies to stimulate the production and consumption of Commercial Vehicles, such as tax incentives and financing programs. In India, the government has introduced the "Make in India" initiative, which aims to boost domestic manufacturing, including the production of Commercial Vehicles. Underlying macroeconomic factors also contribute to the growth of the Commercial Vehicles market in BRICS.

Economic growth, urbanization, and infrastructure development are key drivers of the market. As these countries continue to experience economic growth and urbanization, there is an increased demand for Commercial Vehicles to support various industries, such as construction, logistics, and transportation. In conclusion, the Commercial Vehicles market in BRICS is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The demand for durable, reliable, and fuel-efficient vehicles, as well as the increasing popularity of electric and hybrid vehicles, are driving the market. Additionally, the rise of e-commerce and last-mile delivery services, along with government initiatives and infrastructure development, are further fueling the growth of the market.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.